Latest Ratios: P/E Ratio -25.1x · EV/EBITDA 37.1x · ROE -3.8%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.5B | $11.8B | $6.5B | $45.0B | $61.2B | $89.9B | $51.5B | $78.3B | $41.8B | $76.0B | $53.7B |
| Enterprise Value | $13.6B | $13.9B | $6.5B | $45.0B | $61.2B | $89.9B | $51.5B | $78.3B | $41.8B | $76.0B | $53.7B |
| P/E Ratio → | -25.10 | — | — | — | — | — | 590.45 | — | 315.91 | — | 31.22 |
| P/S Ratio | 1.68 | 1.73 | 114.06 | 825.35 | 1359.96 | 2155.14 | 1249.25 | 2034.01 | 1156.55 | 2179.33 | 1573.20 |
| P/B Ratio | 1.00 | 1.22 | 1.28 | 6022.79 | 6404.54 | 9605.16 | 7073.46 | 8804.55 | 9634.05 | 17967.74 | 10799.26 |
| P/FCF | 62.58 | 64.55 | 76.52 | 97183.17 | 30594.47 | 807674.08 | 32097.59 | — | 46564.05 | 48898.01 | 41374.37 |
| P/OCF | 43.86 | 45.24 | 76.42 | 77047.62 | 30012.98 | 397605.31 | 29781.23 | — | 32254.80 | 32897.26 | 29919.74 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.04 | 113.97 | 825.29 | 1359.84 | 2155.03 | 1249.16 | 2033.84 | 1156.54 | 2179.28 | 1573.18 |
| EV / EBITDA | 37.09 | 38.08 | — | — | 44636.95 | 77225.58 | 38272.44 | — | — | 48701.28 | 27500.07 |
| EV / EBIT | — | — | 127.41 | — | — | 994409.73 | 217578.84 | — | — | 80864.29 | 42356.43 |
| EV / FCF | — | 76.09 | 76.45 | 97175.56 | 30591.66 | 807633.39 | 32095.38 | — | 46563.81 | 48896.99 | 41373.85 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.8% | 16.8% | 40.3% | 39.6% | 39.9% | 41.3% | 40.2% | 38.1% | 36.6% | 38.0% | 35.3% |
| Operating Margin | -0.8% | -0.8% | -124.8% | -2.4% | -0.9% | -0.6% | 0.5% | -5.0% | -3.2% | 2.7% | 3.7% |
| Net Profit Margin | -4.1% | -4.1% | 49.2% | -2.0% | -0.6% | -0.3% | 0.4% | 17.6% | 0.7% | -1.4% | 10.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.8% | -3.8% | 1.1% | -12.6% | -3.0% | -1.6% | 2.2% | 102.7% | 6.1% | -10.6% | 105.3% |
| ROA | -2.7% | -2.7% | 1.1% | -5.1% | -1.4% | -0.8% | 1.0% | 44.3% | 2.4% | -4.6% | 35.9% |
| ROIC | -0.5% | -0.5% | -2.1% | -24.9% | -6.6% | -4.1% | 5.4% | -43.4% | -25.7% | 20.3% | 31.0% |
| ROCE | -0.6% | -0.6% | -2.8% | -13.3% | -3.6% | -2.3% | 2.3% | -24.1% | -23.0% | 18.6% | 29.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.00 | 0.35 | 0.25 | 0.24 | 0.42 | 0.25 | 0.39 | 0.15 | 0.19 |
| Debt / EBITDA | 12.23 | 12.23 | — | — | 1.75 | 1.97 | 2.26 | — | — | 0.42 | 0.49 |
| Net Debt / Equity | — | 0.22 | -0.00 | -0.47 | -0.59 | -0.48 | -0.49 | -0.72 | -0.05 | -0.38 | -0.14 |
| Net Debt / EBITDA | 5.78 | 5.78 | — | — | -4.09 | -3.89 | -2.64 | — | — | -1.02 | -0.34 |
| Debt / FCF | — | 11.54 | -0.07 | -7.61 | -2.81 | -40.69 | -2.22 | — | -0.23 | -1.02 | -0.52 |
| Interest Coverage | -0.33 | -0.33 | 847.87 | -23.19 | -4.33 | 1.93 | 17.38 | -47.30 | -27.86 | 29.63 | 19.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.58 | 3.58 | 112.85 | 1.02 | 1.27 | 1.45 | 1.28 | 1.50 | 0.78 | 0.92 | 0.96 |
| Quick Ratio | 2.61 | 2.61 | 112.85 | 1.02 | 1.27 | 1.45 | 1.28 | 1.50 | 0.78 | 0.92 | 0.96 |
| Cash Ratio | 1.52 | 1.52 | 0.14 | 0.53 | 0.74 | 0.92 | 0.98 | 1.00 | 0.30 | 0.38 | 0.32 |
| Asset Turnover | — | 0.43 | 0.01 | 2.66 | 2.10 | 2.32 | 2.59 | 2.03 | 3.07 | 3.35 | 3.20 |
| Inventory Turnover | 3.80 | 3.80 | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 85.55 | 88.48 | 19.88 | 21.10 | 19.35 | 14.45 | 36.62 | 20.90 | 28.95 | 31.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 0.9% | 0.3% | 0.0% | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Payout Ratio | — | — | 62.2% | — | — | — | 2306.4% | 3.3% | — | — | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.2% | — | 0.3% | — | 3.2% |
| FCF Yield | 1.6% | 1.5% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.1% | 0.9% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $613M | $408M | $329M | $323M | $314M | $281M | $281M | $281M | $281M | $280M |
Integration and execution friction
As reported in financial statements, QXO currently trades at a forward EV/EBITDA of 6.17, a valuation that appears to price in significant future synergy realization rather than current operational performance, given the absence of a meaningful P/E ratio due to persistent net losses during this transformation.
The market is clearly valuing QXO as a 'platform play' rather than a traditional distributor, assigning an execution premium that assumes management will successfully replicate past successes in logistics. Investors should monitor whether this forward-looking multiple remains sustainable if the pace of accretive acquisitions slows or if integration costs continue to suppress bottom-line profitability.
Based on the latest quarterly data, QXO's ROIC has fluctuated significantly, reaching -1.3% in 2026Q1, which reflects the heavy burden of acquisition-related intangibles and the ongoing capital-intensive build-out phase that currently prevents the company from generating positive returns on its invested capital base.
The negative ROIC trend is a natural consequence of a roll-up strategy where the asset base expands rapidly through M&A before the acquired entities can be fully optimized. Analysts should look past these headline figures to evaluate whether the company can eventually achieve a spread between its return on capital and its cost of capital once the integration phase matures.
According to recent quarterly filings, QXO's cash conversion cycle has extended to 120 days as of 2026Q1, a metric that warrants further investigation as it suggests the company is still struggling to align its inventory turnover with the operational standards of a mature industrial distribution platform.
The high DIO of 96 days relative to the industry suggests that the company is carrying significant inventory, which may be a strategic choice to ensure service levels or a sign of early-stage supply chain friction. Improving this cycle will be critical to proving that the 'tech-enabled' distribution model can actually drive superior working capital efficiency compared to legacy incumbents.
As evidenced by the 0.38 debt-to-equity ratio in 2026Q1, QXO maintains a relatively conservative capital structure, which provides the company with significant financial flexibility to continue its acquisition-led growth strategy without immediate pressure from debt service obligations or restrictive covenants.
While the current leverage profile appears healthy, the reliance on equity-funded growth suggests that management is prioritizing balance sheet capacity over immediate EPS accretion. Investors should monitor whether this conservative stance shifts as the company reaches a more stable operational scale and potentially seeks to optimize its cost of capital through debt financing.
Based on the company's current transformation, the P/E ratio is the most commonly misapplied metric, as it fails to account for the massive non-cash amortization of acquired intangibles and restructuring costs that currently distort the reported net income of this high-velocity industrial roll-up.
Using P/E to value QXO obscures the underlying cash-generating potential of the business, as it treats integration-related accounting charges as permanent operational losses. Analysts should instead focus on Adjusted EBITDA or Free Cash Flow to better understand the true earning power of the platform as it scales.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying QXO stock.
QXO, Inc.'s current P/E ratio is -25.1x. The historical average is 31.2x.
QXO, Inc.'s current EV/EBITDA is 37.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.1x.
QXO, Inc.'s return on equity (ROE) is -3.8%. The historical average is 21.2%.
Based on historical data, QXO, Inc. is trading at a P/E of -25.1x. Compare with industry peers and growth rates for a complete picture.
QXO, Inc.'s current dividend yield is 1.08%.
QXO, Inc. has 16.8% gross margin and -0.8% operating margin.
QXO, Inc.'s Debt/EBITDA ratio is 12.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.